UBS raises HSBC, Deutsche banks to buy

EmilyChurch

LONDON (CBS.MW) -- UBS Monday raised its rating on U.K. bank HSBC
HBC, -0.40%HSBA, -1.34%
to buy from neutral and raised its price target to 800p to 950p a share, telling clients "the recent sharp improvement in sentiment in Hong Kong reflects a strong cyclical pickup in several key drivers for both the economy and the banking sector. Healthy recovery in economies across the rest of Asia provides further support to an acceleration of Asian earnings growth for HSBC from flat in the first half 2003 to 12 percent in 2004-estimated." UBS also raised its rating on Deutsche Bank
DB, -3.52%de:804010
to buy and its price target on the stock to 68 euros. "We believe that Deutsche is transforming into a company that will create value from its recurring banking activities, something it was not notable for in recent years."

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